The real estate market seems to be improving just about everywhere, and despite some obstacles that millennials
face, there are a few markets that are better for them to buy. Denver is one of them.
Factors for the best purchase markets
According to the National Association of Realtors®, factors like employment gains, population trends, income levels and housing conditions have improved in several areas well enough that they identified as the best purchase markets for millennial homebuyers. This is important because millennials have been the largest share of home buyers for the past 3 consecutive years. The factors that went into deciding the best cities make overcoming factors like student debt, smaller down payment, savings and lower paying jobs a reality for millennials.
List of 10 best markets
NAR study found 10 metro areas that were the best purchase markets for millennials. Each was chosen because they showed above-average share of current millennial residents and recent movers, favorable employment opportunities and relatively low qualifying incomes needed to purchase a home. The areas, listed alphabetically:
• Austin, Texas
• Charleston, South Carolina
• Denver, Colorado
• Minneapolis, Minnesota
• Ogden, Utah
• Portland, Oregon
• Raleigh, North Carolina
• Salt Lake City, Utah
• Seattle, Washington
• Washington, D.C. (one note, the cost of living in and around DC metro area is higher than the other areas listed)
They then said that these areas have potential for millennial homebuyers:
• Boston, Massachusetts
• Dallas, Texas
• Des Moines, Iowa
• Jacksonville, Florida
• Nashville, Tennessee
So why not think about Denver? Great area, plenty of things to do and gorgeous mountain views. What could be better than that? Plenty for the outdoor enthusiast. Great educational opportunities as well.